the federal reserve said the economy is growing at a steady pace. the central bank's beige book report out today showed small gains in hiring and consumer spending, but manufacturing activity slowed down. now, in a separate report, new home sales fell slightly in october, down just 0.3% compared to september and below expectations. the median home price was $237,700, lower than a month earlier. and investors were encouraged by news from spain about a deal to clean up its struggling banking sector. the dow gained 107 points, the nasdaq finished higher by 24, the s&p 500 was up 11. john manley is chief equity strategist at wells fargo advantage funds. >> tom: john, you just heard the c.e.o. at honeywell talk about the lack of real hiring plans, partly because of the fiscal cliff. does that concern you as a stock investor? >> it does. i mean, i think the one thing about being a stock investor, you sort of have to buy with uncertainty and sell on certainty. so it is an opportunity, but i'm not sure it is one that has fully unfolded yet. >> tom: so are y